PARTNERSHIP DISSOLUTION AGREEMENT
KNOW ALL MEN BY THESE PRESENTS
This PARTNERSHIP DISSOLUTION AGREEMENT is entered into by
and between XXX, Filipino, of legal age, and residing at Prime One, Pasay
City (First Partner) and YYY likewise a Filipino citizen, of legal age, and
with residence at Summit Condominium, Pasay City (Second Partner). The
parties to this agreement shall be collectively known as the “Parties.”
WITNESSETH:
WHEREAS, SIKLAB TRADING is a business partnership with address at
Aurora Building, 20 President Avenue., Parañaque City.
WHEREAS, The Parties entered into a Partnership Agreement sometime in
April 15, 2019 and the Parties now intend to dissolve their partnership and
liquidate its affairs pursuant to a plan by which the First Party shall pay off
all the shares and participation of the Second Party in the business.
NOW THEREFORE, the Parties mutually enter into this Dissolution
Agreement and bind themselves, as follows:
1. The Parties agree to dissolve their Partnership, effective on July 1,
2019, and shall thereafter promptly liquidate and wind-up the affairs
they have with one another;
2. As such, the First Party shall continue the business, and the Second
Partner shall not transact any further business nor incur any further
obligations on behalf of the business partnership after the date of this
Agreement.
3. The Second Party acknowledges that she is in receipt of the amount
of P/337,000.00, paid to her satisfaction which shall constitute as the
full settlement of all her share, participation, and interest in the
partnership and thus hereby release and forever discharge one
another, effective the dissolution date, from any and all debts,
liabilities, obligations and claims in any way relating to the
partnership.
4. It is further agreed that the salary of the Second Party of P/1,000.00
daily for the period of May 2019 to July 2, 2019 shall be remitted to
her by the First Party between the months of August 1, 2019 to
October 2019, without need of further demand
5. It is also agreed by the Parties that the six months rental deposits
amounting to _________ and the two months security deposit
amounting to P/20,000.00 already paid to the landlord/owner of the
leased premises located at Aurora Building Parañaque City, shall
pertain exclusively to the First Partner. The Second Partner, by these
presents, hereby unequivocally waives his claim to the same.
6. Each of the parties covenants and agrees that he or she, and his or
her heirs, executors, administrators, successors and assigns will sign
such further agreements, assurances, waivers and documents, and
otherwise do and perform or cause to be done and performed such
further and other acts and things that may be necessary or desirable
from time to time in order to give full effect to this Agreement and
every part thereof.
7. This Dissolution Agreement shall enure to the benefit of and be
binding upon heirs, executors, successors and assigns of each of the
parties hereto respectively.
IN WITNESS WHEREOF the parties hereto have executed this Dissolution
Agreement as of the ____day of _______, _____ ;
